PSX The KSE-100 index experienced seesaw movements during the outgoing week PHOTO:FILE
KARACHI:
Selling pressure continued at the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 Index dropped 1,486 points, or 0.86 percent, to 170,457.57 by midday.
The market opened on a weak note after Wednesday’s 699-point decline and briefly touched an intra-day high of 171,945.83 before sliding to a session low of 170,054.92. Previous close was 171,943.59. Volume in the index so far stood at 143.37 million shares with traded value of Rs8.10 billion.
Investors remained jittery amid the spreading US-Iran conflict, including attacks on shipping in the Strait of Hormuz, and crude oil prices that have stayed elevated above $100 a barrel. Higher oil prices have already pushed local petrol and diesel rates up and raised fears of renewed inflationary pressure, a wider import bill, and possible implications for monetary policy.
Read: PSX loses 699 points over spreading ME war
Selling was visible across index-heavy sectors including commercial banks, cement, fertilizer, oil and gas exploration companies, and oil marketing companies. Heavyweight names such as FFC, MCB, Lucky Cement, Meezan Bank, MARI, OGDC and PSO traded in the red during the morning session.
The decline extends a multi-day slide that has seen the KSE-100 lose ground on geopolitical uncertainty and profit-taking after earlier gains. Activity has been thinner than recent sessions, reflecting cautious sentiment.
Analysts said market direction in the remaining hours would depend on any fresh developments in the Middle East and movements in international oil prices. Selective buying in a few stocks provided limited support, but the overall tone stayed bearish at midday.
